Glasgow media firm STV Group plc reported group revenue growth of 12% in 2024 to £188 million, driven by acquisition-related growth in its Studios business and by Euros-related advertising.

Group adjusted operating profit was up 3% to £20.6 million while statutory operating profit more than doubled to £13.2 million. Full-year dividend is unchanged at 11.3p per share.

STV Group’s new CEO Rufus Radcliffe said: “I’ve been with STV for 4 months and it’s clear that the foundations of the business are strong. STV is a much more balanced Group following the scaling of our Studios and Digital businesses, with good growth potential.

“2024 was a good year for STV. We delivered a strong performance against a challenging economic backdrop, with results in line with expectations. We are controlling those elements we can, in line with our strategy, and are very much on track to ensure that STV is in the best possible shape when the market recovers.

“We’re seeing continued growth in our Studios business, with 51 commissions won in 2024 for more customers than ever before. Across our 21 labels we have secured future revenue of £76m, with strong development pipelines across all genres. 

“STV continues to be Scotland’s pre-eminent marketing platform, reaching 3.3m people per month. The Euros provided a welcome boost to viewing and advertising in H1 2024, winning us a 48% audience share across the tournament, and delivering record audiences for live viewing on STV Player.

“I’m working closely with the leadership team on a strategy refresh taking us to 2030.  This will build on the strengths of our existing strategy and take it to the next stage of development and growth. I look forward to updating on this in May 2025.”